Gold and silver jointly fell, A-share gold stocks consolidated collectively_Oriental Fortune Network

The international gold price began to adjust sharply after rising.precious metalsPrices continue to move lower.

April 23, domesticprecious metalsFutures continued to fall, with the main Shanghai gold contract falling 3.43% to 545.48 yuan/gram; the main Shanghai silver contract falling 4.63% to 7,000 yuan/kg.

In the A-share market, gold stocks have made an overall correction. As of press time,Zhongrun Resources(000506.SZ) fell nearly 6%,Sichuan Gold(001337.SZ),western gold(601069.SH) both fell more than 4%.

In the international market, gold fell sharply as risk aversion sentiment cooled, with spot gold falling below $2,320 per ounce for the first time since April 10.

In response to the correction in gold prices this week, Boshi Fund Manager Wang Xiang told China Business News that geopolitical conflicts are easing in stages, market risk aversion is weakening, and the driving force of geopolitical conflict factors on the gold market is weakening, and gold will return to being driven by real interest rates. logic.At the macro level, the United States is fightingQualcommThe progress of inflation has been limited, and the Federal Reserve has stated that it is in no rush to cut interest rates and expects the high interest rate policy to continue for a period of time. Overall, the gold market is facing a complex and volatile environment, and investors need to remain vigilant and pay attention to changes in multiple factors such as real interest rates and geopolitics.

Just last week, COMEX gold reached an intraday high of $2,433 per ounce on April 19. After approaching the previous high, it quickly fell back below $2,400 per ounce, and gold prices became more volatile.

In GuoshengsecuritiesIt seems that this round of gold’s rise was initially supported by fundamentals, and then gradually deviated from fundamentals. The most likely reason is that trading factors dominate and the influx of speculative capital causes gold prices to continue to rise. This actually reflects changes in investor confidence in the U.S. dollar.

ICBCprecious metalsA report released by the business department stated that the future upside space for gold prices is limited. On the one hand, the market has begun to pay attention to whether the Federal Reserve can cut interest rates as scheduled. Investors’ continued revision of the policy interest rate path may put pressure on gold prices. On the other hand, as gold prices continue to rise and the domestic economic environment gradually improves, investment demand for physical gold may decrease.

In terms of other precious metals, COMEX silver futures fell 5.25% on Tuesday. COMEX silver futures continued to decline on Wednesday, hitting $26.8 per ounce during the session; platinum futures and palladium futures have experienced cumulative declines in the past two weeks (April 15 to April 23). More than 6% and 4% respectively.

Position data also shows that funds are flowing out after profits have been made.In terms of physical investment demand for silver, as of the week of April 12, the world’s largestSilver ETF-iShares Silver Trust’s holdings were 13,500 tons, a month-on-month decrease of 1.69%.

Gong Ming, deputy director of Jinrui Futures Research Institute, analyzed that the current rise in gold and silver has been quite significant. The previous positive factors such as risk aversion, loose liquidity and expectations of policy easing have been fully priced in. In the short term, the uncertainty of geopolitical tensions and the limited room for retreat of the Fed’s reverse repurchase will make it difficult to sustain liquidity easing.

“In addition, with reference to the U.S. bond yield pricing system, the current price of precious metals deviates from the norm,” Gong Ming suggested that investors should remain rational and avoid blindly chasing higher prices.

(Source of article: China Business News)

Article source: China Business News

Original title: Gold and silver fell together, and A-share gold stocks consolidated collectively